The restructuring was done to unlock shareholder value and enable sharper focus on each operating business, the company said.

According to the company, Max Financial Services will focus solely on managing the group’s life insurance business. The company holds 72 percent in Max Life.

The second holding company, which retains the name Max India Limited, will manage investments in the high potential health and allied businesses – Max Healthcare, Max Bupa and Antara Senior Living.

The third holding company, Max Ventures &amp; Industries will manage the investment in the manufacturing subsidiary, Max Speciality Films, which is an innovation leader in the speciality packaging films business.

The company will also evaluate new ideas in the “wider world of business”, including but not limited to sectors such as real estate, education and technology.

“The group operates diverse businesses, each of which has considerable value and growth potential. The demerger will provide investors a choice to continue to be associated with all these businesses, or in the set of businesses that suit their respective investment objectives,” founder and chairman emeritus Analjit Singh was quoted as saying in the statement.

“The demerger will lead to a more specific value discovery for each vertical. Moreover, it will provide sharper management focus to each underlying business. Due to their inherent features and priorities, each of the three holding companies will be optimally positioned to guide their operating businesses on their respective growth journeys,” said Max Group president Rahul Khosla.

The group had announced the demerger in January 2015 and was completed after approvals from the Punjab and Haryana High Court, the Insurance Regulatory and Development Authority of India, the Securities and Exchange Board of India and the Competition Commission of India.

They will additionally get one equity share of Rs.2 each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs.10 each of Max Ventures and Industries Limited for every 5 equity shares of Rs.2 each held in Max Financial Services.